EghtesadOnline: President Ebrahim Raisi on Friday officially launched Phase 1 of Qeshm ultra-heavy crude oil refinery in southern Hormozgan Province.
EghtesadOnline: Oil prices slipped on Tuesday amid issues that energy outages and flooding in Louisiana after Hurricane Ida will minimize crude demand from refineries just as world producers plan to lift output.
EghtesadOnline: Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
EghtesadOnline: Brent crude prices eased on Friday but hovered near $70 a barrel as production cuts by major oil producers constrained supply, with optimism about a recovery in demand for the resource in the second half of the year also lending support.
EghtesadOnline: Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains this week, boosted by the continued commitment of producers to hold back crude supply and positive signs of economic growth in the United States.
EghtesadOnline: OPEC boosted crude production as planned last month, but the increase was tempered by disruptions at long-troubled member nations.
EghtesadOnline: Oil prices rose on Wednesday after hitting their highest in about a year in the previous session, supported by an unexpected draw in US crude stockpiles and an OPEC+ estimate of a global oil market deficit this year.
EghtesadOnline: An estimated 350 million liters of oil and oil byproducts were supplied daily via pipelines in 2019, indicating a 65% rise over the last 40 years, managing director of the Iranian Oil Pipeline and Telecommunications Company said.
EghtesadOnline: It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the organization’s six decades as a dominant force in global oil markets.
EghtesadOnline: Oil prices fell for the first time in four days on Wednesday, slipping from as much as five-month highs as mounting coronavirus cases worldwide and in the United States undercut market confidence about a potential pickup in fuel demand.